Category: Industry
Better Perks
October 9, 2006 (LBO) – Unions affiliated to Sri Lankan state banks are pressing for a second pension for staff who joined after 1996, though existing pension funds are short by billions of rupees. Prior to 1996, all state bank employees were given a pension, besides the statutory Employees Provident Fund (EPF) and Employees Trust […]
Air Pockets
October 7, 2006 (LBO) – Sri Lanka’s deadly ethnic conflict is possibly the biggest challenge that is holding down the business process outsourcing industry’s growth, as an escalation in violence spooks foreign clients, a new industry study shows. The South Asian Island had a head start by opening its telecommunications industry in the early 1990s, […]
Records Intact
NEW DELHI, India, Oct 7, 2006 (AFP) – The body representing India’s booming outsourcing business insisted Saturday that the country was a safe place to do business following a British TV news sting showed alleged call centre fraud.Britain’s Channel 4 aired a documentary Thursday purporting to show how the data of thousands of British customers […]
Staying High
SINGAPORE, Oct 5, 2006 (AFP) – Oil prices rebounded in Asian trade Thursday, coming off near 8-month lows on continuing unrest in Nigeria and amid reports that OPEC members are ready to cut production in a bid to support the market, dealers said. At 11:25 am (0325 GMT) New York’s main contract, light sweet crude […]
Funny World
October 5, 2006 (LBO) – Sri Lanka Thursday cut retail fuel prices, but raised prices for alcohol and cigarettes, as the government disclosed plans to raise defence expenses and hike overall spending by over 40 percent next year. In addition, defence spending is to climb by 45 percent to 139.5 billion rupees, with military procurements […]
Biting Bullets
Oct 5, 2006 (AFP) – Sri Lanka plans to increase overall defence spending by 45 percent in calendar 2007 amid an upsurge in fighting between security forces and Tamil Tiger rebels, officials figures showed Thursday.The government’s initial budget estimates placed before parliament forecast defence spending would rise to 139.55 billion rupees (1.39 billion dollars) from […]
Big Plans
Oct 04, 2006 (LBO) – Sri Lanka will flag off two new power plants in Kerawalapitiya, at least one of them run to on liquefied natural gas. But the island is still looking down the barrel of power cuts over the next two years. Sri Lanka’s energy demand is expected to grow at about eleven […]
Silver Lining
October 4, 2006 (Dow Jones)–Sri Lanka’s two listed telecommunications companies are poised for record profits this year as the country’s low penetration levels and the new products on offer continue to lure subscribers, offsetting the impact of higher interest rates and any possible slowdown in the economy. Analysts expect Sri Lanka Telecom shares to rise […]
Emirates Airlines ups flights between Colombo and Dubai
Oct 04 (LBO) – Dubai based Emirates will up weekly flights between Colombo and Dubai, ahead of Sri Lanka’s peak winter tourist season in November. The airline currently operates 13 services a week between its home base and Sri Lanka’s capital, now going up to 17 flights a week, the airline said in a statement […]
Hard Facts
WASHINGTON, Oct 3, 2006 (AFP) – The low-cost allure of emerging economies for Western companies is overdone once the meagre productivity of their workers is factored in, a US business group said Tuesday.The Conference Board said that fast-growing economies in China, India and eastern Europe do enjoy a comparative advantage over the United States. But […]
Expensive Dreams
October 03 2006 (LBO) – Sri Lankans are still snapping up luxury cars like Audi’s despite stiff government taxes, to discourage vehicle sales and curb fuel consumption, officials said. “Looking at the monthly fuel consumption figures, I don’t see people reducing their usage. Neither do we see people not buying vehicles either,” Jayasundara told businessmen […]